Care, custody, or control - An expression common to liability insurance contracts. It refers to exclusion in the policy eliminating coverage for damage to property of others that is in the insured's "care, custody, or control." The insured has a bailee relationship to the property, in other words, making the insured liable for the care of the property beyond damage caused by negligence. A bailees floater is often used to cover the insured's obligation for the care of such property.
Coverage - The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
C& F contract - C & F signify cost and freight as per this contract the buyer is responsible for loss or damage to the goods and the freight as well as.
C.A.D. - Cash against documents.
C.K.D. - completely knocked down consignments, which are assembled at destination as being distinct from being transported as complete unit.
C.O.D. - Cash on Delivery
Calendar-year Deductible - Amount to be payable by a member during a calendar year before a group or individual health insurance policy begins to pay for medical expenses.
Claims Adjustor - Person who assesses and settles the Claims: Person can be company adjustor, independent adjustor.
Cancellation - The discontinuing of an insurance policy before its normal expiry date, either by the insured of the Insurance Company.
Capacity - The amount of capital with an insurance company as a whole for underwriting general insurance coverage.
Capital sum insured - It is the sum insured for which cover is required under a Personal Accident Policy.
Cargo insurance - A generic term used in both inland marine and ocean marine insurance to designate the types of insurance available to provide coverage for cargo that is being transported by truck, rail, air, ship, or boat.
Cargo Manifest - Inventory of cargo shipped.
Cargo Plan - Plan depicting space in a ship occupied by cargo.
Catastrophe - Event, which causes a widespread loss such as a hurricane or tornado.
Cause of loss - Previously called "peril," this is the actual type of event that causes the loss. Examples are: theft, collision, earthquake, flood, fire or mischief.
Cede - To transfer a part of risk written by an insurer (the ceding, or primary company) to a reinsurer.
Certificate of Insurance - A statement of coverage issued to an individual insured, specifying the insurance benefits and principal provisions applicable to the member.
Cession - Amount of the insurance ceded to a reinsurer by risk underwriting Co. in a reinsurance operation.
Charter Party - A contract whereby a ship owner agrees to place the ship or part of it at the disposal of a merchant or other person for the carriage of goods from one place to another. On being paid freight or to let his ship for a specified period.
Charterer - Person who hires a vessel either on voyage or time basis.
CIF--cost, insurance and freight - This refers to a common term in a sales contract that may be encountered in international trading when ocean marine travel is used. CIF means cost, insurance and freight. In this type of contract it is the sellers responsibility to arrange insurance before insurance premium is added in the invoice. In this type of contract, the selling price includes the cost of the goods, all shipping charges and the cost of marine insurance. Although the seller is obligated to purchase marine insurance, the seller's responsibility for the goods ends when the goods have been delivered to the marine carrier or have been delivered on board the shipping vessel depending upon the terms of the contract.
Claim - The formal request by a policyholder or a claimant for payment of loss under an insurance policy.
Claim Settling agents - Policy issuing offices generally appoint their claim settling agents abroad for settlement of claims arising out of policy issued in the home country. Overseas medical claim, marine insurance policies are serviced by them
Claims-made coverage - A type of public liability insurance that responds only to claims for injury or damage that are brought (to the insurer) during the policy period (or during a designated extended reporting period beyond expiration). This development was in response to "long tail" claims, such as those related to asbestosis injury, carrying over many years and multiple layers of coverage limits. However, most public liability policies are written on an "occurrence" basis, covering injury or damage occurring during the policy period even if a claim is brought months or even years later
Class Rating - Rate-making method in which similar insureds are placed in the same underwriting class and each is charged the same rate. Also called manual rating.
Claused bill of Lading - Bill of Lading, which has been endorsed by the ship owner, as the goods described thereon do not conform to what is offered for shipment e.g., package missing, inadequately packed.
Clean Bill of Lading - A bill of Lading, which has no superimposed clause expressly declaring a defective condition of the packaging or of goods.
Coinsurance - A provision under which an insured who carries less than the stipulated percentage of insurance to value, will receive a loss payment that is limited to the same ration which the amount of insurance bears to the amount required.
Collateral Source Rule - Under this rule, the defendant cannot introduce any evidence that show the injured party has received compensation from other collateral sources.
Condition - One of the obligations of either the insured or the insurer imposed in the insurance contract
Consequential loss - An indirect consequence of direct loss to property. Business income may be lost when a store burns down, or frozen goods may spoil when windstorm causes an interruption of power. Consequential or indirect loss is not generally insured by policies covering direct damage (i.e., by fire or wind as in these examples), but insurance is readily obtainable separately for most such consequential exposures business income coverage being among the most common.
Constructive Total Loss - In constructive loss the goods are not physically destroyed but so damaged that the cost involved in restoring to pre loss position would be more expensive than the value of goods after repair.
Cover Note - Is the document that is issued provisionally pending issuance of insurance Policy?
Cumulative Bonus - The percentage at which the sum insured gets increased annually, without additional premium
Contractual liability - Liability that does not arise by way of negligence but by assumption under contract. For example, in certain leases, a tenant may assume a landlord's liability to others for unsafe conditions on the premises. Some such assumptions are covered automatically under the Commercial General Liability form.
Contributory negligence - A defense to a negligence action in which it is asserted that the claimant failed to meet the standard required for his or her own protection, and that that failure contributed to the loss.